How long does it take to buy a house? While estimating a timeline for home buying will depend on many variables, real estate experts estimate that the average time required is around four months.
This timeline is important for buyers to keep in mind for a variety of reasons. Many buyers might hope to time their home purchase with when their rental lease is up. Other buyers might want to pace their house hunt so that they are settled in their new home before the start of school. Still other buyers might also be home sellers who first need to close on the sale of their old house before they can buy their next house.
In short, home buyers might need to fit their home search into any number of time-sensitive situations, so knowing how long the buying process typically takes can help them plan accordingly. Plus, buyers should know that four months is how long it might take if everything goes smoothly. If problems crop up—with the home inspection, appraisal, mortgage, or other things—then the real estate buying process could take even longer.
Buying a house may take time, but there are good reasons why it’s no impulse purchase. To help illuminate what’s going on, here’s a rundown of the various stages you’ll encounter while home shopping to help you plan your buying timeline just right.
Step 1: Get pre-approved for a mortgage
How long does it take to get approved for a mortgage?
Answer: At least two weeks
Getting approved (or pre-approved) for a mortgage is no simple process. Lenders need to examine your documentation, review your financial information, and reconcile any problems. So even if all your documents are in order and you’re a stellar candidate, expect to wait 3-10 days or more to find out if you got the green light.
Step 2: Find your dream home
This is the process that can vary greatly between buyers. Some buyers find a house their dream home quickly and for others it can take months.
How long does a showing take?
Answer: 30 minutes to an hour
This one is largely up to you. A showing could be as quick as five minutes if you immediately decide you don’t like the property. But if you are interested, odds are you will take your time, poking your head into every closet and turning on every faucet.
That said, odds are you will know a home is The One surprisingly soon: One study found buyers spend an average of just 17 minutes inside a property before deciding to buy it.
Still, it’s essential to buy a home with your head as well as your heart, so go ahead and take your time to thoroughly vet every corner.
Step 3 – Home Buying Process
How long does it take for an offer to be accepted?
Answer: Less than three days
Unlike on “Property Brothers,” where offers are always accepted in a flash, the real world takes a bit more time. You may be tapping your toes in anticipation, but sellers have some leeway when responding to an offer. They have three options, each of which needs to be mulled over: Whether to accept your offer outright, counter it, or reject it.
Expect to hear back within three days (but hopefully sooner). Foreclosures are exceptions; banks might take up to 10 days to respond.
How long does a home inspection take?
Answer: Two to three hours for the inspection, then 48 hours for the results
Buyers should attend the home inspection, but be prepared for it to take a while. Inspections typically take about two to three hours—enough time for your inspector to examine the foundation, structure, fireplace, and other common problem spots. Don’t be afraid to ask questions, even if it means taking 30 more minutes.
This is the best time to investigate your new home. After all, you have a licensed home inspector by your side. Nothing in the house is off-limits during your home inspection.
Once the inspection is completed, expect to see a report in two days. When you have it in hand, you can work with the sellers to determine if any changes need to be made before closing.
Once the inspection is over and you have negotiated repairs with the seller it is back in the lenders hands to get the loan thru the appraisal and underwriting and get you to closing.
How long does an appraisal take?
Answer: Up to two weeks
Like a home inspection, the appraiser—the professional who estimates the home’s value on behalf of your lender—might spend a few hours examining the property (and this time, your presence isn’t necessary). After viewing the house, the appraiser will examine comparable homes in the neighborhood (“comps”) and look through the neighborhood.
Because their prepared report can be quite comprehensive, sometimes reaching a hundred pages or more, its composition can take some time. Expect your lender to receive the report within two weeks.
How long does it take to close on a home?
Answer: 50 days
Home closing times are lengthening, currently averaging 50 days. Yes, it’s a pain. No one wants to wait more than a month to take possession of their new home, but don’t rush due diligence. Your lender will have a number of requirements, including providing paperwork like tax returns, before underwriting is complete. You can expedite this process (slightly) by having necessary documents prepared in advance.
Take Away
Hire a competent real estate agent that can walk you thru the process of buying a home. There are a lot of pitfalls and challenges along the way and a good agent can help navigate those potential issues and help get you your dream home. There is nothing worse than going thru this process and spending the time and money to buy a home and have the disappointment of the deal not going thru.